balance sheet of this person prepared in accordance with GAAP. In addition, the term “indebtedness?” “Includes all debts of others secured by a lien on any asset of that person, whether or not such debt is assumed by that person (the amount of such debt on any date being deemed to be the lesser of the fair market value of such property or assets on that date or the principal amount of such debt of that other person so secured) and, to the extent that this is not otherwise included, the guarantee by that person for any debt of any other person.

The amount of any outstanding debt at any time will be:

(1) the accumulated value of the Debt, in the case of any Debt issued with an initial issue discount; and

(2) the principal amount of the Debt, as well as any interest on the Debt which is past due for more than 30 days, in the case of any other Debt.

??Independent investment banker?? designates one of the Reference Treasury Agents that we have appointed.

??Interest charges?? means, for any period of time, all cash interest expense (including interest charged on capital lease obligations and commitment fees) on any of our debts and subsidiaries? ? Debt on a consolidated basis during this period in accordance with the terms of that debt.

??Interest rate agreement?? of any Person means any interest rate protection agreement, future interest rate agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate tunnel agreement, interest rate hedging agreement, option or futures contract or other similar agreement or arrangement to which this Person is a party.

??Investment quality rating?? means a score equal to or greater than BBB- by S&P and Fitch and Baa3 by Moody’s or equivalent thereof under any new rating system if such agency’s rating system needs to be changed after the issue date, or rating equivalent or any other rating agency selected by us as provided in the definition of rating agency.

??Date of issue?? means 2021, in the case of 2026 tickets and 2031 tickets, and November 20, 2020, in the case of 2051 tickets.

??Licenses?? means, collectively, any telephone, microwave, radio transmissions, personal communications or other license, authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communication tower , granted or issued by the Federal Communications Commission (or other similar or successor agency of the Federal Government applying the Communications Act of 1934 or any similar federal law or successor) and owned by us or one of our affiliates.

??Privilege?? means, with respect to any property or asset, including share capital, any mortgage, lien, pledge, charge, security or charge of any kind whatsoever with respect to such asset, whether or not filed, registered or otherwise perfected under applicable law (including any conditional sale or other retention of title agreement, any lease of the nature thereof, any option or other agreement to sell or incorporate a security interest and any deposit or agreement to release a financing statement under the Uniform Commercial Code (or equivalent laws) of any jurisdiction).

??Moody ?? s?? means Moody’s Investors Services, Inc. or any successor to its rating agency business.

??Net revenue?? means, for any determination period, the net income (loss) of us and our subsidiaries, on a consolidated basis, determined in accordance with GAAP.

??Newly created subsidiary?? means a newly created direct or indirect subsidiary of us which is formed or organized after the date of issue; provided that neither we nor any of our Subsidiaries have transferred, or in the future will be able to transfer, assets (other than cash or cash equivalents) to this newly created Subsidiary as long as this newly created Subsidiary remains designated as a Subsidiary without restriction.


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